The unemployment rate for countries in the Organisation for Economic Co-operation and Development area was broadly stable at 4.8% in January 2024.

The OECD noted that the rate has remained below 5.0% since July 2022.

In January, the rate was broadly stable over the prior month in 23 OECD countries in January, rose in six countries, and declined in three countries.

Meanwhile, the number of unemployed persons in the OECD decreased to 33.5 million in January, mainly driven by a decrease in the number of unemployed younger workers (aged 15-24).

In the European Union and the euro area, the unemployment rate remained at record lows of 6.0% and 6.4%, respectively. In January 2024, it was stable or increased in most OECD euro area countries. Only Austria recorded a marked decrease.

Outside the European OECD countries, unemployment rates in January 2024 were also stable or declined. The largest decrease was recorded in Colombia (down 0.4% to 10.4%). South Korea recorded a decrease of 0.2% to 3.0%. In Japan it ticked down slightly to 2.4% from 2.5% the month prior.

In January 2024, the OECD unemployment rate for women remained broadly stable at 5.0%, 0.3% higher than the rate for men, which also remained stable. The unemployment rate for women also exceeded that of men in the European Union, the euro area and 21 OECD countries in January 2024 (or in the latest period available) with the largest gender gaps in Greece, Colombia, Türkiye, and Spain.

By contrast, the unemployment rate for women was lower than that for men in 16 OECD countries, and the unemployment rate for women and men was the same in Sweden. The OECD unemployment rate was stable for workers aged 25 and above while it declined for younger workers.